South Florida Last Week

February 15, 1999

Teligent, a new business telephone service that uses microwaves instead of phone lines, said it will offer telephone service in parts of Palm Beach County.

Service Merchandise said it will close 134 stores nationwide -- including stores in Davie and Lauderdale Lakes -- in the next four months as it struggles to pay debt and bolster sales at its remaining stores.

Miami-based Topp Telecom said it will sell a 55 percent interest in its company to Telefonos de Mexico S.A. Topp makes a pay-as-you-go cellular phone.

Miami-based John Alden Financial Corp. won approval of a settlement of shareholder lawsuits over Fortis NV's purchase of the insurer. The sale, for $575 million in cash, was completed in August.

The Broward Mall in Plantation has been sold to Canadian real estate firm Cadillac Fairview Corp. Cadillac Fairview said it spent $125 million for the mall and an office building in Canada.

The City of Sunrise attracted 31 companies to move or expand within its boundaries by using tax credits and other incentives over the past year.

The 1999 Miami Boat Show, which continues through Wednesday, has atttracted more than 2,000 exhibitors hoping to generate more than $200 million in sales.

Fine Air Services announced plans to buy rival cargo carrier Arrow Air for $115 million. Both companies are based in Miami.

CBS said it has increased its ownership stake in Fort Lauderdale-based SportsLine to 18 percent. It also has agreed to provide SportsLine with an additional $100 million in advertising.

Wal-Mart said it plans to open its first South Florida Supercenters -- combination grocery and discount stores -- in Boynton Beach, Florida City and Hialeah Gardens in the next 18 months.